Corporate Governance

Crest Hill, Ill. — Mid-America Real Estate Corp.’s Net Lease Investment Group recently brokered the sale of a two-tenant 88,000-sq.-ft. retail building leased to Big Lots and Home Owners Bargain Outlet in Crest Hill, Ill. A private investor in California purchased the property from a local Chicago area investor for $2.25 million.

Major retailers surrounding the property include Jewel/Osco, Ultra Foods, Food 4 Less and TJ Maxx.

Atlanta — Jones Lang LaSalle has closed the sale of Powers Ferry Plaza on behalf of Equity One. An Atlanta-based private investor purchased the 86,401-sq.-ft. shopping center anchored by Micro Center.

The property is strategically located on approximately 10.7 acres along Powers Ferry Road near the intersection of Powers Ferry Road and Delk Road, a little more than 12 miles northwest of downtown Atlanta.

New York -- Since 2009, retail sales at North America’s 205 outlet centers have increased from $19.9 billion to $27.6 billion, an increase of $7.7 billion, according to an International Council of Shopping Centers report.

Six publicly traded REITs with notable outlet center portfolios have benefited from outlet center success, according to SNL Financial. They are:

Phoenix – PetSmart reported a 12% increase in net income, to $92 million from $82 million a year earlier, during the third quarter of 2013. Total sales grew about 4%, to $1.69 billion from $1.62 billion, while same-store sales increased 2.7%.

Looking ahead, PetSmart predicts same-store sales growth of 3%-3.5% and total sales growth of approximately 3% for fiscal 2013. For the fourth quarter of fiscal 2013, PetSmart forecasts same-store sales growth of 2.5%-3.5% and a 2%-3% decrease in total sales.

Canton, Mass. – Men’s big-and-tall apparel retailer Destination XL reported a loss of $4.1 million in the third quarter of fiscal 2013, up from $1.6 million a year earlier.

Net sales dropped fractionally to $88.2 million from $88.7 million, partially offset by a 4.4% increase in same-store sales.

New York – Foot Locker’s net income fell 2% in the third quarter, dropping to $104 million from $106 million.

Total revenue grew 6.4% to $1.62 million from $1.52 million, above estimates. Same-store sales increased 4.1%.

Cost of sales and income tax expense both increased during the quarter, affecting net income. During the third quarter, the company opened 28 new stores, remodeled or relocated 118 stores, and closed 13 stores.

Pleasanton, Calif. -- Ross Stores Inc. reported third-quarter profit of $171.6 million, up from $159.5 million a year earlier, on higher sales and gross margins. Looking ahead to the fourth quarter, the off-retailer forecast earnings below Street estimates and said it was adopting a more cautious outlook for the quarter.

Boston – A vast majority of shoppers say meaning is the most important factor in choosing a holiday gift to purchase. According to a new survey from online marketplace CustomMade, more than 90% of buyers surveyed said that the most important factor in choosing a gift this holiday season was its meaning to the recipient, while only 18% of respondents found an item’s low price to be highly important to their purchase decision.

Bangalore, India - Tata Starbucks Limited, the 50/50 joint venture between Starbucks Coffee Company and Tata Global Beverages Limited, opens a new India flagship store in Bangalore on Saturday, Nov. 23.

In addition to the flagship store at Koramangala, Tata Starbucks Limited will open two more stores by the end of the year at Phoenix Market City and Orion Mall at Brigade Gateway in Bangalore.

Deerfield Park, Ill. – Walgreens is opening a new joint store with Johns Hopkins Medicine adjacent to the medical school’s campus in Baltimore. The new Walgreens “Well Experience” store offers a normal Walgreens product assortment, as well as health services including student health services, a healthcare clinic, and chronic disease education.

The healthcare clinic is staffed by board-certified nurse practitioners, marking the first Walgreens in-store retail clinic in the state of Maryland.